Definitions On Common Real Estate Lingo In Ipswich MA

The process of home buying and selling in Ipswich Ma is complicated enough to begin with. The language and terms involved can make it even more confusing, particularly if you are a first time buyer. Below you will find Definitions On Common Real Estate Lingo In Ipswich MA . This will help simplify the real estate process.

Definitions On Common Real Estate Lingo In Ipswich MA

CMA

CMA stands for Comparative Market Analysis. This is a report that compares your Ipswich MA property to homes with similar features that recently sold in the area. It traditionally produces a price range for which your home may sell in the existing market.

MLS

MLS means Multiple Listing Service. This is a system where real estate brokers enter Ipswich MA properties for sale. Different areas commonly have individual MLS systems, and some regions may have multiple ones. The general public is not given direct access to this date but may obtain access from permitted parties.

Assessed Valuation

This is the figure placed on Ipswich MA homes by a local tax assessor and used to determine real estate property taxes. Assessed amounts have no bearing on the selling price of a property.

Walk-Thru

Just before a closing, walk-thru’s are commonly performed. It allows a buyer to preview a Ipswich MA property and to ensure that the condition has not changed from the last time they viewed it.

Purchase and Sale Items

Contingency

A contingency is a condition required for a party to move forward with a Ipswich MA home sale or purchase. For example, a buyer’s ability to purchase might be contingent upon the sale of their current property. Other common contingencies are for performance of a home inspection and ability to obtain a loan commitment.

Good Faith Deposits

Good faith deposits refers to deposits submitted by a buyer as part of a agreement to purchase a home. It states that a buyer is serious and is acting in good faith. Deposits are traditionally retained by a listing agency on behalf of a seller and credited to a buyer at closing.

Closing Date

A closing is when paperwork is completed, funds are exchanged, and a home legally transfers from one person to another. A closing date and location are normally outlined in a contract.

More Real Estate Lingo

This blog provides definitions on common real estate lingo in Ipswich MA and includes only the most common terms. For more comprehensive real estate definitions and advice, contact John Wells at 978-518-1481 or teamjohn@johnpwells.com.

 Liz Ryan Loan Officer